The global e-commerce market is expected to reach $6.38 trillion by 2024, with cross-border e-commerce accounting for a significant portion of this growth. [Statista, 2021]
Are fluctuating exchange rates affecting your profit margins?
Is your business equipped to handle the complexities of Multi-Currency transactions?
In today’s global economy, the ability to handle complex financial transactions in multiple currencies is essential for your business when importing or exporting.
Stok.ly’s Multi-Currency functionality within it’s Order Management and Warehouse Management System simplifies international trade when buying and selling goods across borders.
Seamless Currency Conversion
Stok.ly eliminates the need for manual currency conversion by supporting sales and purchase orders in various currencies. Using real-time exchange rates set by you or HMRC, the platform accommodates fluctuations in currencies ensuring every transaction is conducted at the most accurate and fair price.
Currency fluctuations can significantly impact businesses, with research indicating that a 10% change in currency value can lead to a 1.5% change in profit margins for small and medium-sized enterprises (SMEs). [International Journal of Business and Social Science, 2019]
Enhanced Sales Orders and Purchase Orders Management
The system ensures accuracy of financial data, capturing true costs and revenues. This accelerates order processing, reduces errors and boosts customer satisfaction through a more reliable and quicker service.
Benefits of Multi-Currency Capabilities
1. Expanded Market Reach
You are not limited by geographic or currency boundaries. You can easily sell to and purchase from foreign markets, opening up numerous opportunities for growth and expansion.
A 2020 survey by HSBC noted that firms trading in multiple currencies saw a 35% increase in market reach.
2. Increased Efficiency & Financial Accuracy
Automated currency conversions and up-to-date exchange rates, including HMRC rates or your own customised exchange rates, ensure financial accuracy in every international transaction. This boosts efficiency by reducing time spent on calculations, minimising errors and allowing your business to focus on core activities rather admin tasks.
3. Scalability
As your business grows, Stok.ly can scale to accommodate increased volumes and additional currencies, making it an ideal platform for expansion.
4. Competitive Advantage
Effective management of international transactions enables your business to offer more competitive pricing and terms, strengthening your position in the global market. The ability to trade in foreign currencies can significantly benefit your business’s bottom line.
According to a survey conducted by J.P. Morgan, over 35% of businesses report that the ability to trade in multiple currencies significantly enhances their competitive edge in global markets.
5. Enhanced Customer Experience
By pricing products in local currencies, your business can foster better relationships with international customers, enhancing loyalty and satisfaction.
A survey by Deloitte found that 79% of CFOs believe that managing currency risk is essential for strategic decision-making, highlighting the growing demand for multi-currency solutions in the corporate sector. [Deloitte, 2020]
Stok.ly’s Multi-Currency capabilities significantly reduce the burdens of international trade. By automating essential processes related to currency conversion and exchange rate management, the system enables smoother operations and enables you to scale globally. As international trade evolves, Stok.ly is indispensable for your business when looking to thrive in the global marketplace.
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Author: Iain Coplans CEO Stok.ly